This question is often posed when a home owner has excessive unused land on their property. Unfortunately, it’s not a definitive yes or no answer. For some properties, adding a pool can improve your home’s value by as much as 7% according to HouseLogic.com, while others could be seen as an inconvenience to home buyers, causing them to shy away from the property. So how can you tell if a pool will add value to your home?
Typically, a pool will add value to your home if:
• You live in a higher-end neighbourhood where most of your neighbours have pools
• The pool doesn’t take up your entire yard; children’s green play space is critical
• The style of the pool fits with your home and neighbourhood
• It is well-maintained
It’s important to remember is that just because you’ve invested $100,000 into renovations, doesn’t mean your home is worth that much more on the market. Also, in some places, adding a pool can increase your annual taxes. It’s always a good idea to keep your construction costs below 10% – 15% of what you paid for your house to avoid an amenity that won’t pay you back.
Houses with pools traditionally have been more difficult to sell. However, with traffic congestion in the city and long commutes to cottage country, pools are seen as a very attractive alternative.
In the end, the addition of a pool should be judged on an individual basis to determine whether or not it can provide a return on investment. The best choice you can make is to talk to your realtor. They can assist with the best path for you, your family, and your home. And yet, with all this in mind, if you’re installing a pool for your family’s enjoyment, nothing can put a price on that.